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Barings BDC (BBDC) investor relations material
Barings BDC Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Net investment income for Q2 2025 was $29.8M ($0.28/share), up from $0.25/share in Q1, fully covering the regular dividend.
Net asset value per share declined 1% to $11.18, mainly due to realized losses and special dividends, partially offset by unrealized appreciation.
Portfolio non-accruals remained low at 0.5% of fair value, indicating strong credit performance.
Board declared a $0.26/share regular dividend and a $0.05/share special dividend for Q3 2025, totaling an 11.1% yield on NAV.
Portfolio strategy remains defensive, focused on senior secured, middle market investments and alignment with shareholders.
Financial highlights
Total investment income for Q2 2025 was $74.4M; net investment income was $29.8M, and net income was $20.6M.
Investment portfolio at fair value reached $2.62B, up from $2.45B at year-end 2024.
Net realized losses were $15.2M, partially offset by $5.9M in net unrealized appreciation.
Weighted average yield on debt investments was 10.1% (portfolio), 9.8% (performing debt), and 9.4% for new post-quarter investments.
Net leverage ratio increased to 1.29x, above the long-term target range of 0.9–1.25x.
Outlook and guidance
Management expects continued strong credit performance, disciplined capital deployment, and sufficient liquidity for at least 12 months.
Confident in sustaining the regular dividend, supported by portfolio durability and the forward SAFR curve.
Expects leverage to trend back within target range as asset sales and repayments occur.
Anticipates increased M&A and origination activity in the second half of 2025.
Forward-looking statements caution on risks and uncertainties affecting future results.
H2 2025 M&A activity: How to manage expectations?
How will BBDC manage leverage back to target?
Explain BBDC's credit strength amid macro uncertainty.
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Next Barings BDC earnings date
Q3 20257 Nov, 2025
Next Barings BDC earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Barings BDC Inc. is a closed-end, externally managed business development company. It focuses on providing financing solutions, including debt and equity investments, to middle-market companies across a wide range of industries. The company invests primarily in senior secured loans, junior debt, and equity co-investments. It is headquartered in Charlotte, North Carolina, and its shares are listed on the NYSE.
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